On the other hand, Woods projected that strong refining margins will continue in 2023.Įxxon's results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week. Find an Exxon or Mobil station near me Whether youre looking for. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said.Įxxon guided Permian production this year to 600,000 bpd, up 50,000 bpd from last year but slightly below market expectations. Todays best 10 gas stations with the cheapest prices near you, in Indianapolis, IN. Investments can go up to $25 billion this year, Woods said. "The counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering," Exxon Chief Executive Officer Darren Woods said in a statement. shale field, and on fuel refining and chemicals. The company increased outlays on discoveries in Guyana, in the top U.S. GasBuddy Gasoline Availability Tracker Search for stations Has Fuel & Power Has No Power Limited Fuel Options Has No Fuel & Power Trying to find a station with gas Help others in your area by telling us if a station you visited is open, closed, or out of fuel. PROJECT SPENDINGĮxxon's spending on new oil and gas projects bounced back last year to $22.7 billion, up 37% from the prior year. "Having a really strong balance sheet is a competitive advantage for us," Mikells said, adding that it allows the company to wait for potential acquisition opportunities and sustain its dividend program intact even if energy prices eventually fall.Įxxon posted $12.8 billion in fourth-quarter net profit excluding charges, 44% more than the same period last year but down 35% from the previous quarter as oil prices eased and some operations suffered from cold-weather-related outages. The company said it learned from the pandemic, when it found itself empty handed and raised debt to pay dividends to shareholders. And it decided to hold $30 billion in cash balance. Slapping new taxes on oil earnings "has the opposite effect of what you are trying to achieve," she said, adding that it would discourage new oil and gas production.Įxxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. Windfall profit taxes are "unlawful and bad policy," countered Mikells. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsĮxxon distributed $30 billion in cash to shareholders last year, more than any of its Western rivals, and invested $22.7 billion in the business. Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022.
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